CNL Hospitality Files for IPO

Hotel and resort operator CNL Hospitality Properties Inc. has filed for an IPO of common stock worth up to $600 million with the SEC. CNL, an unlisted REIT, owns 130 hotels in the United States and Canada, operates under brands including Marriott, Hilton and Hyatt.

In its announcement late last week, the company did not release the number of shares it will offer in the IPO, or estimate a price range for the sale. Concurrent with its common stock offering, CNL Hospitality said it plans to offer up to $150 million in Series A cumulative redeemable preferred stock, with a liquidation preference of $25 per share. CNL Hospitality will seek to list its common stock under the symbol "CHO."

The IPO underwriters are Banc of America Securities, Goldman Sachs and UBS Investment Bank, according to the prospectus.